There's no doubt about it—not all marriages result in a couple living happily ever after. No matter how amicable a couple's divorce is, the division of assets between the two parties can be a point of serious contention. If you are facing a divorce in Rhode Island and have concerns about the division of your assets, the team of attorneys at Inman & Tourgee are here to help.
Equitable Distribution in a Rhode Island Divorce
Rhode Island follows the theory of "equitable distribution" when it comes to dividing assets between spouses in a divorce. This means that all marital property is divided as a court deems fair and proper.
Defining Marital Property in Rhode Island
Marital property includes property which is acquired by the couple during the marriage, including:
- The marital home and any other real estate;
- Household furnishings
- Cars, boats, motorcycles, and other vehicles;
- Bank account balances;
- Life insurance policies;
- Annuities and pensions;
- Tax refunds;
- Interests in a business;
- Economic damages from personal injury settlements such as lost wages; and
- Stocks and bonds.
Marital property does not include:
- Property a spouse inherited;
- Property a spouse was gifted; and
- Pain and suffering damages from a personal injury settlement.
Although it may seem pretty simple, determining what is considered marital property during a divorce isn't always black and white. Securing legal representation from a seasoned divorce attorney can ensure that your best interests are protected in the division of assets during a divorce.
Factors Influencing the Division of Marital Property
When it comes to determining how to divide marital property between two spouses in a divorce, a variety of factors can be considered, including:
- The duration of the marriage;
- Whether one or both spouses have committed adultery;
- A spouse's drug or alcohol addiction;
- Whether a spouse was physically or emotionally abusive;
- The contributions that a spouse made to the marriage, both financially and non-financially;
- The income and earning potential for each spouse;
- The health of each spouse; and
- The age of each spouse.
A variety of other decisions can come into play when a judge divides assets between two parties to a divorce, and deciding how to divide assets must be determined on a case-by-case basis.
Concerned About Your Assets During a Divorce? We Can Help
If you are a Rhode Island resident who is facing a divorce from your spouse, the best step that you can take towards protecting your assets is to call an experienced family law attorney. When you are represented by an attorney from Inman & Tourgee, you can be confident that you are armed with the knowledge and experience needed to ensure that you receive a fair outcome in your divorce. To speak with a member of our legal team, fill out an online case evaluation form or call (401) 823-9200 today.